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    Lec 3 Jan 14

    Uploaded by

    Sadav Imtiaz

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    © All Rights Reserved
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    Lec 3 Jan 14

    Uploaded by

    Sadav Imtiaz
    25 views1 page

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    Lec 3 Jan 14.docx

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    25 views1 page

    Lec 3 Jan 14

    Uploaded by

    Sadav Imtiaz

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Overview

    1. Opportunity costs
    2. PPF’s
    3. Market economy

    Readings Ch. 1 & ch2

    Law of Increasing Costs: in order to produce extra amounts of one good, society must give up
    ever-increasing amounts of the other good.

    <insert drawing>

    The Market Economy: In economics, we assume that individuals act as if motivated by self-
    interested and act in a rational way.

    The Rationality Assumption: Individuals do not intentionally make decisions that will leave
    them worse off.
    The Players
    ● Households
    ○ Consumers of goods & services
    ○ Suppliers of factors of production
    Objective: Maximize happiness

    ● Firms
    ○ Producers of goods & services
    ○ Consumers of factors
    Objective: maximize profit

    ● Government
    Objective:

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